When you are going through a divorce, you may realize that finances are tight and things are not always what you expected. Sometimes, you may be surprised that the amount of money coming into your household is not what it once was, when you were married. However, even though the economy sometimes runs rampant in our modern times, you can still take control of the situation by following some tips and remembering that finances sometimes depend on your spending habits.
Budgeting After Divorce
Along with dealing with things on an emotional level after divorce, you are now forced to deal with them financially as well… and this can take a toll on any man or woman. Studies have shown that women face a larger percentage of decline in financial stability after a divorce. Sometimes, budgeting will help significantly. Budgets help track your income and expenses in an easy fashion after you have collected all of your statements regarding utilities, rent/mortgage, and other expenses. From there, you can eliminate the expenses that you don’t have to worry about. Your lifestyle may change because of divorce – this is expected. However, it doesn’t mean that you can’t enjoy your life and move on to other ventures.
Expenses to Consider
Work Lunch: If you bring your lunch to work, you will save money. Buying fast food or from a cafeteria can put you out $5-10 a day, which can add up quickly. You could also choose to drink water rather than soda or juice throughout the day, because this adds up as well.
Housing: If you rent a home but you have the opportunity to move somewhere cheaper, you could always choose this as an option. If it comes down to it and you feel as if there are no other options, you could always rent out an extra room in your home as a way to pay for other expenses.
Your Car: Sometimes, a good used vehicle can be purchased for the cost of interest on a brand new vehicle. If you just bought a brand new vehicle, commit to it and promise yourself that you’ll stick with that vehicle for years to come.
Financial situations can be severely impacted by the onslaught of divorce. This is why it is important to plan for all of these aspects so that you’re ready for wherever life takes you. Call us today for help with your divorce case.